The economic pressures expected to keep Toronto's luxury real estate market cool in 2023 appear to have already made their mark on the city, as a lavish Hoggs Hollow mansion has dropped its asking price by more than $2,000,000.

Located at 49 Plymbridge Road, the French Chateau-inspired home was initially listed at $12,380,000 when it hit the market in May. After no buyer materialized, the price was lowered to $11,380,000 in June.

It remained there until earlier this week, when it dropped to $9,980,000 - a staggering $2,400,000 below the original asking price.Situated on a riverfront lot, the sprawling abode offers more than 7,300 square feet of living space.Beyond the stone fountain and manicured gardens, the grand entrance leads to a breathtaking foyer with limestone flooring, soaring ceilings, and a double staircase.Gorgeous details like coffered ceilings, wainscotting, and crown moulding are featured throughout the home.

Fireplaces can be found in both the living room and the family room. The former offers a large picture window, while the latter has a built-in bookcase and connects to the kitchen.

The all-white kitchen has stainless steel Miele appliances, marble countertops, and an ornate centre island. 

There's an adjoined breakfast area as well as a formal dining room, which features hardwood floors and stunning wainscotting.

The stately library makes for an ideal home office, with floor-to-ceiling windows, built-in shelving, and a coffered ceiling.

The home has five bedrooms and nine bathrooms.

The primary suite is a sprawling 1,000 square feet and features a six-piece ensuite, walk-in closet, gas fireplace, and a sitting room.

The basement houses an exercise room, wet bar, wine cellar, sauna, home theatre, and party room.

A true oasis in the city, the backyard has a swimming pool, hot tub, and dining area, and backs onto the river.

Interested buyers can check out the full listing here, or hold out for another multi-million dollar price drop.